[DigitalToday reporter Yoonseo Lee] The combined holdings of wallets holding at least 1 million Cardano (ADA) topped 25.09 billion ADA for the first time on record. Large holders continued to accumulate even as prices stayed weak.

The Crypto Basic, a blockchain media outlet, reported on Thursday local time that wallets holding at least 1 million ADA held a combined 25.09 billion ADA. That equals 67.47 percent of the total circulating supply.

Based on data from on-chain analytics firm Santiment, holdings by these wallets have steadily increased since December 2023. Holdings rose about 14 percent from around 22.0 billion ADA at the time, while their share of circulating supply expanded to 67.47 percent. That is the highest level since July 2020.

A notable point is that price moves and large-wallet activity are diverging. Cardano remains in one of its weakest stretches in recent years, but key wallets have increased holdings.

ADA has fallen sharply. It slid 74.5 percent from an intramonth high of $1.02 in August 2025 to $0.26. Over the same period, its market value shrank by about 71 percent to around $9.5 billion. The decline reflects weakness across the broader altcoin market and waning speculative demand.

Large holders, by contrast, maintained existing positions during the downturn, and some appeared to have made additional purchases. That is interpreted as a view that current price levels represent a long-term buying opportunity.

The number of wallets holding at least 10 million ADA also increased. The number of addresses in that bracket rose in April to the highest level in four months. That suggests accumulation in Cardano has continued across large market participants, beyond short-term moves by some whales.

Still, the short-term mood remains mixed. In the past 24 hours, the Cardano futures market saw $177 million in outflows and $162 million in inflows. That is interpreted as derivatives participants trimming positions and taking a cautious stance. Open interest also fell 3.58 percent over the same period to $543 million.

The spot market showed a different signal. Over the past 24 hours, Cardano recorded more outflows than inflows at exchanges, with net outflows of $3 million. That means investors are moving ADA off exchanges and could be interpreted as easing short-term selling pressure.

The Cardano market is at a stage where long-term accumulation by large wallets is occurring alongside short-term pullbacks in the derivatives market. Expanding whale holdings and spot flows moving off exchanges are expected to remain key indicators for gauging future supply and demand shifts.

Cardano’s key stakeholders have slowly but surely accumulated, consistently adding more and more of the existing supply to their bags, dating back to December, 2023. Wallets with at least 1M tokens now hold 25.09B $ADA, which translates to 67.47% of the current existing… pic.twitter.com/knuSbfYtaE